The Law of Increasing Opportunity Costs States That

Multiple Choice

The law of increasing opportunity costs states that:

A) if society wants to produce more of a particular good, it must sacrifice larger and larger amounts of other goods to do so.
B) the sum of the costs of producing a particular good cannot rise above the current market price of that good.
C) if the sum of the costs of producing a particular good rises by a specified percent, the price of that good must rise by a greater relative amount.
D) if the prices of all the resources devoted to the production of goods increase, the cost of producing any particular good will increase at the same rate.